{"id":1334,"date":"2012-10-05T14:28:12","date_gmt":"2012-10-05T14:28:12","guid":{"rendered":"http:\/\/alcantara.pro.br\/portal\/2012\/10\/05\/cvm-edita-regra-para-uniformizar-indicador-ebitda\/"},"modified":"2012-10-05T14:28:12","modified_gmt":"2012-10-05T14:28:12","slug":"cvm-edita-regra-para-uniformizar-indicador-ebitda","status":"publish","type":"post","link":"https:\/\/alcantara.pro.br\/portal\/2012\/10\/05\/cvm-edita-regra-para-uniformizar-indicador-ebitda\/","title":{"rendered":"CVM edita regra para uniformizar indicador Ebitda"},"content":{"rendered":"<p> \t&nbsp;<\/p>\n<div style=\"text-align: justify; \"> \t<span style=\"font-size: 14px; font-family: arial, helvetica, sans-serif; \">A Comiss&atilde;o de valores mobili&aacute;rios (CVM) editou ontem instru&ccedil;&atilde;o que uniformiza o c&aacute;lculo do lucro operacional antes de juros, impostos, deprecia&ccedil;&atilde;o e Amortiza&ccedil;&atilde;o (Ebitda, na sigla em ingl&ecirc;s) entre as empresas abertas brasileiras. A medida foi bem recebida pelo mercado, e poder&aacute; facilitar a an&aacute;lise de investimento, j&aacute; que atualmente cada companhia tem sua pr&oacute;pria metodologia, afirmaram gestores ouvidos pelo Valor.<\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \"><img decoding=\"async\" alt=\"\" src=\"http:\/\/investing-school.com\/wp-content\/uploads\/2008\/11\/ebitda.jpg\" style=\"width: 200px; height: 116px; float: left; \" \/>Segundo Jos&eacute; Carlos Bezerra, superintendente de normas cont&aacute;beis da CVM, a instru&ccedil;&atilde;o 527 disciplina a divulga&ccedil;&atilde;o desse indicador. At&eacute; agora, o c&aacute;lculo era feito de forma diferente por cada empresa que optasse por sua divulga&ccedil;&atilde;o, que &eacute; facultativa.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">&quot;Existe um c&aacute;lculo tradicional para o Ebitda, que est&aacute; nos livros de finan&ccedil;as, e ele tem de ser atendido&quot;, explicou o superintendente. A empresa est&aacute; autorizada a divulgar um Ebitda ajustado, calculado pela metodologia que achar mais adequada, desde que tamb&eacute;m publique o tradicional.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">Ao escolher publicar os dois indicadores, a companhia tamb&eacute;m deve informar a metodologia. &quot;Tem que divulgar tudo o que for necess&aacute;rio para que o investidor entenda como o Ebitda foi ajustado e possa refazer a conta se achar necess&aacute;rio&quot;, disse.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">A instru&ccedil;&atilde;o foi elogiada por gestores de investimentos, que consideraram a regra positiva e necess&aacute;ria para p&ocirc;r fim &agrave; &quot;bagun&ccedil;a&quot; quando se refere ao c&aacute;lculo usado pelas companhias para chegar a esse indicador.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">Segundo Andr&eacute; Querne, analista da Rio Gest&atilde;o, o Ebitda &eacute; relevante para a an&aacute;lise de investimentos. &quot;&Eacute; coerente [a nova regra], pois se cada empresa fizer um ajuste diferente no Ebitda, acaba sendo um indicador n&atilde;o compar&aacute;vel&quot;, explicou.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">O analista lembra que um dos m&eacute;todos mais utilizados por gestores &eacute; o chamado &quot;valor da firma&quot;, que &eacute; o FV\/Ebitda &#8211; a soma do valor de mercado da companhia com sua d&iacute;vida l&iacute;quida sobre o Ebitda. Esse c&aacute;lculo substituiu o P\/L, a raz&atilde;o entre o patrim&ocirc;nio e o lucro l&iacute;quido, indicador utilizado no mercado em meados dos anos 1990.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">Querne indica que, atualmente, cada empresa adiciona indicadores ao Ebitda para melhor refletir as caracter&iacute;sticas do neg&oacute;cio em que atua. &quot;Existem ajustes inerentes de cada empresa e de cada setor. A maior parte das empresas s&oacute; divulga o ajustado, e n&atilde;o o tradicional&quot;, disse.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">&quot;A medida &eacute; positiva, porque n&atilde;o impede a empresa de divulgar o ajuste. Por outro lado, mostra qual &eacute; o padr&atilde;o&quot;, completou. Al&eacute;m disso, a padroniza&ccedil;&atilde;o tamb&eacute;m facilita a compara&ccedil;&atilde;o com empresas estrangeiras.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">Para um analista de gestora que n&atilde;o quis se identificar, hoje o c&aacute;lculo do Ebitda &eacute; &quot;uma bagun&ccedil;a, pois cada empresa calcula da maneira que lhe conv&eacute;m&quot;.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div style=\"text-align: justify; \"> \t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">Por outro lado, na opini&atilde;o de Reno Azevedo, analista da JGP Gest&atilde;o de Recursos, a instru&ccedil;&atilde;o editada pela CVM n&atilde;o ter&aacute; impactos. &quot;N&atilde;o faz muita diferen&ccedil;a. O que importa s&atilde;o as informa&ccedil;&otilde;es divulgadas pela empresa, pois n&oacute;s mesmos fazemos o c&aacute;lculo do Ebitda, com a nossa pr&oacute;pria metodologia&quot;, disse.<\/span><\/span><\/div>\n<div style=\"text-align: justify; \"> \t&nbsp;<\/div>\n<div>\n<p style=\"text-align: justify; \"> \t\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">A mudan&ccedil;a passou por extenso debate no mercado. Segundo a CVM, a discuss&atilde;o foi bem recebida a colabora&ccedil;&atilde;o dos interlocutores &quot;influenciou muito a minuta final&quot;.<\/span><\/span><\/p>\n<hr \/><\/div>\n<div>\n<p style=\"text-align: justify; \"> \t\t<span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \"><strong>Fonte<\/strong>: <a href=\"http:\/\/www.classecontabil.com.br\/noticias\/ver\/17438\" target=\"_blank\" rel=\"noopener\">Valor Econ&ocirc;mico via Classe Cont&aacute;bil<\/a>, <strong>Imagem<\/strong>: <a href=\"http:\/\/investing-school.com\/wp-content\/uploads\/2008\/11\/ebitda.jpg\" target=\"_blank\" rel=\"noopener\">Ivesting School<\/a><\/span><\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify; \"> \t\t<strong style=\"color: rgb(255, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 16px; \">Mais sobre o assunto, conforme site da CVM:<\/strong><\/p>\n<p style=\"text-align: justify; \"> \t\t&nbsp;<\/p>\n<blockquote>\n<p style=\"text-align: left; \"> \t\t\t<em><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \"><b style=\"color: rgb(0, 0, 0); font-family: Verdana, Arial; font-size: 14px; \"><span lang=\"PT-BR\">CVM edita Instru&ccedil;&atilde;o que disp&otilde;e sobre a divulga&ccedil;&atilde;o volunt&aacute;ria de LAJIDA (EBITDA) e LAJIR (EBIT)<\/span><\/b><\/span><\/span><\/em><\/p>\n<p style=\"text-align: left; \"> \t\t\t&nbsp;<\/p>\n<p align=\"JUSTIFY\" style=\"color: rgb(0, 0, 0); font-family: Verdana, Arial; font-size: 14px; \"> \t\t\t<em><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \">A Comiss&atilde;o de Valores Mobili&aacute;rios (CVM) edita hoje, 04\/10\/2012, a Instru&ccedil;&atilde;o n<sup>o<\/sup>&nbsp;527\/12, que disp&otilde;e sobre a divulga&ccedil;&atilde;o volunt&aacute;ria de informa&ccedil;&otilde;es de natureza n&atilde;o cont&aacute;bil denominadas LAJIDA (EBITDA) e LAJIR (EBIT).<\/span><\/span><\/em><\/p>\n<p align=\"JUSTIFY\"> \t\t\t<em><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \"><font style=\"color: rgb(0, 0, 0); \">O objetivo da Instru&ccedil;&atilde;o &eacute; o de uniformizar a divulga&ccedil;&atilde;o, visando &agrave; melhora no n&iacute;vel de compreens&atilde;o dessas informa&ccedil;&otilde;es e tornando-as compar&aacute;veis entre as companhias abertas.<\/font><\/span><\/span><\/em><\/p>\n<p align=\"JUSTIFY\"> \t\t\t&nbsp;<\/p>\n<p align=\"JUSTIFY\"> \t\t\t<em><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \"><font style=\"color: rgb(0, 0, 0); \">A Instru&ccedil;&atilde;o, al&eacute;m da Nota Explicativa que a acompanha, estabelece os par&acirc;metros para o c&aacute;lculo do LAJIDA e do LAJIR e os crit&eacute;rios para a sua divulga&ccedil;&atilde;o. Dessa forma, a norma determina que, no c&aacute;lculo do LAJIDA e do LAJIR, devem ser considerados somente os valores que constem das demonstra&ccedil;&otilde;es cont&aacute;beis.<\/font><\/span><\/span><\/em><\/p>\n<p align=\"JUSTIFY\"> \t\t\t&nbsp;<\/p>\n<p align=\"JUSTIFY\"> \t\t\t<em><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \"><font style=\"color: rgb(0, 0, 0); \">A divulga&ccedil;&atilde;o das informa&ccedil;&otilde;es denominadas LAJIDA e LAJIR suscita cuidados que devem ser observados pelos administradores das companhias abertas. &Eacute; necess&aacute;rio preservar a qualidade e a comparabilidade das informa&ccedil;&otilde;es divulgadas, tendo em vista que esse tipo de informa&ccedil;&atilde;o pode ser considerada relevante para a tomada de decis&atilde;o econ&ocirc;mica por parte dos seus usu&aacute;rios.<\/font><\/span><\/span><\/em><\/p>\n<p align=\"JUSTIFY\"> \t\t\t&nbsp;<\/p>\n<p align=\"JUSTIFY\"> \t\t\t<em><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size: 14px; \"><font style=\"color: rgb(0, 0, 0); \"><strong><span style=\"color:#ff0000;\">Clique para ter acesso &agrave; integra da<\/span>&nbsp;<a href=\"http:\/\/www.cvm.gov.br\/asp\/cvmwww\/atos\/Atos_Redir.asp?Tipo=I&amp;File=\\inst\\inst527.doc\" style=\"color: rgb(0, 89, 75); font-family: Verdana, Arial, Helvetica, sans-serif; text-decoration: none; \">Instru&ccedil;&atilde;o CVM n&ordm; 527\/12<\/a><\/strong>, &agrave;&nbsp;<strong><a href=\"http:\/\/www.cvm.gov.br\/asp\/cvmwww\/atos\/Atos_Redir.asp?Tipo=N&amp;File=\\nota\\nota527.doc\" style=\"color: rgb(0, 89, 75); font-family: Verdana, Arial, Helvetica, sans-serif; text-decoration: none; \">Nota Explicativa<\/a><\/strong>&nbsp;e ao&nbsp;<strong><a href=\"http:\/\/www.cvm.gov.br\/port\/infos\/Relatorio%20de%20aud%20pub%20-%20inst%20527.doc\" style=\"color: rgb(0, 89, 75); font-family: Verdana, Arial, Helvetica, sans-serif; text-decoration: none; \">Relat&oacute;rio da Audi&ecirc;ncia P&uacute;blica n&ordm; 13\/10<\/a>.<\/strong><\/font><\/span><\/span><\/em><\/p>\n<\/blockquote>\n<hr \/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; A Comiss&atilde;o de valores mobili&aacute;rios (CVM) editou ontem instru&ccedil;&atilde;o que uniformiza o c&aacute;lculo do<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150],"tags":[],"class_list":["post-1334","post","type-post","status-publish","format-standard","hentry","category-normas-contabeis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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